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Professional Indemnity Insurance

This scheme includes:

• Civil liabilities including legal liability for negligence, breach of statutory and fiduciary duties or trust
• Coverage for appointments as trustees, receivers/liquidators, directors or officers of bodies corporate, provided the fees from such are declared to Insurers.
• Automatic Extensions for:
  • Defamation
  • Employees Dishonesty
  • Forged Transfers
  • Quasi-Judicial Representation Costs up to $100,000 for all claims during the period of insurance

• Optional Extensions for:
  

  • Fidelity Insurance for partner or director or employee defalcations up to $250,000 in the aggregate
  • Loss of Documents including Computer Systems Records - Property Damage cover up to $25,000 for all claims during the period of insurance
  • Dishonesty of Partners - with a limit any one claim and for all claims during the period of cover
  • Financial Planning Activities and Mortgage Broking Activities
  • Contracted Personnel

• Endorsements for:
  

  • Waiver of subrogation rights against partners or employees
  • Non-disclosure and misrepresentation protection for innocent partners or directors
    
  • Non-imputation protection for innocent partners or directors
  • Continuity of Indemnity protection

Notes

(i) The coverage available for advice given as a trustee or company director relates to the advice or services rendered by the practice and should be regarded as "back-stop" coverage only.

(ii) Acting in these capacities imposes severe liabilities. Members should seek advice from the Abacus Insurance Consultants regarding the arrangement of adequate specialised Trustee Liability and Directors & Officers coverage for the organisations concerned.

(iii) This would provide members with a much wider degree of personal protection against the actions of other trustees or directors and officers.

- Refer to Section A in the Proposal Form (pdf file 79KB).

This information should be regarded as a guide only and the exact terms, conditions, exceptions and limitations of the coverage as provided is determined by the actual policies issued to Members by the Abacus Insurers.

The files contained on this page are in Adobe Acrobat pdf format. If you do not have Adobe Acrobat, click HERE to download a free copy from the Adobe site.

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